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Sunday, Mar 20, 2005

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Aban Loyd to raise $100 m

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CHENNAI: Aban Loyd Chiles Offshore Ltd intends to raise $100 million by an issue of foreign currency convertible bonds or GDRs. The company intends to increase its authorised capital from Rs 200 crore to Rs 1,000 crore. It proposes to raise capital through an issue of cumulative redeemable preference shares.

Alongside, Aban Loyd proposes to split its equity shares of Rs 10 each into five shares of Rs 2 each. The company further plans to raise the borrowing power of the board of directors from Rs 1,000 crore to Rs 4,000 crore over and above the paid-up capital and free reserves.

Further, the company has informed the stock exchanges that an EGM of the members of the company will be held on April 23, to obtain approval for the proposals.

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